Global Automotive Carbon Fiber Component Market is Expected to Reach USD 587.6 Million by the End of 2026
Carbon fiber components, ranging between 5-10 micrometers in diameter, are widely used for reinforcement of composite materials. These have excellent strength-to-weight ratio and are composed of carbon atoms. Carbon fibers are extensively used in automotive vehicles for production of interior and exterior parts. The lightweight nature of carbon fiber components helps in the reduction of fuel consumption and enhancement of fuel efficiency in cars.
Rising demand to integrate lightweight components to bolster use of Automotive Carbon Fiber Component; need to increase fuel efficiency of vehicles to boost market growth.
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The increasing product integration in the manufacturing of electric vehicles and rising demand for lightweight automotive components for higher fuel efficiency are the influential primary factors that would bolster the prospects of market growth during the forecast period. The growing demand of automotive manufacturers to reduce the weight of vehicles to enhance fuel efficiency and comply with newly implemented environmental regulations would boost demand for carbon fibers, propelling the growth of the market. The rise in the production of electric vehicles would also incite demand for carbon fiber components, as electric vehicle manufacturers look for sustainable material options for the eco-friendly running of cars. The rising investments and meaningful collaboration among automotive and carbon fiber manufacturers for prolonged periods of cooperation in product development would also instigate market growth. The adoption and integration of carbon fiber components in automobiles for competitive advantage in emerging countries would offer manufacturers with new opportunities for the product application and business expansion over the forecast period.
Thermosetting Type and Thermoplastics Type are covered in the Type segment of the market scope. In contrast, the Application segment is categorized into Passenger Vehicles, Commercial Vehicles, Motorcycles, and Others. The report covers Consumption volume of the global market by Application, with the volume expressed in MT. The Type segment is calculated in terms of Production value and volume.
The volume of the Passenger Vehicles consumption by Application is estimated to garner 11,563.7 MT by 2026, growing at a CAGR of 9.6% from 2020 to 2026. The increasing instances of passenger vehicle production with the integration of carbon fiber material for interior and exterior parts would improve the growth prospects of the segment. The rising consumer demand for better fuel efficiency in passenger vehicles would also lead to sustainable segment growth.
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North America, Europe, Asia Pacific, South America, and Middle East & Africa are taken into consideration while arriving at the global volume and value figures. While North America is further categorized into the United States, Canada, and Mexico, Europe is split into the United Kingdom, Germany, France, Italy, Russia, and Rest of Europe. Asia-Pacific covers India, China, Japan, South Korea, and Rest of Asia Pacific in its scope. South America is bifurcated into Brazil, Argentina, and Rest of South America, with Middle East & Africa involving GCC Countries, Egypt, South Africa, and Rest of Middle East & Africa.
Asia Pacific is a prominent region and holds a considerable share in terms of overall consumption volume. The rapid rise in the sale of automotive vehicles using carbon fiber components would influence the growth of the regional market. The surge in spending power of the local consumers would further bolster the regional market growth.
The Automotive Carbon Fiber Component market is moderately consolidated, with several global companies operating with expansive global reach and high-volume production capabilities for a global consumer base. The extension of production volume through facility expansions and diversification of business opportunities through strategic collaborations are the primary business strategies of top players.
Toray Industries, Inc. is one of the most significant companies of the global Automotive Carbon Fiber Component Market in terms of production volume, with SGL Carbon SE and Teijin Limited among many other vendors to hold substantial market share by value and volume.
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